Dewa rules out bond issue this year
Dubai, March 1, 2012
Dubai Electricity and Water Authority (Dewa) has no plans to tap bond markets in 2012 and the state utility will repay a 1.2 billion dirhams ($326.7 million) securitisation maturity this year ahead of time, its top executive said.
'There is no bond this year,' chief executive Saeed Mohammed al-Tayer told Reuters on Thursday.
Dewa issued 7.35 billion dirhams worth of bonds in October 2010. It is the sole provider of electricity and water in the emirate of Dubai, one of seven members of the United Arab Emirates federation, but the Dubai government could soon allow other providers into the market. - Reuters